UMPQ Q3 2017 Quarterly Review

UMPQ is ~3% of my taxable portfolio, with a cost basis around $12.  Their recent quarterly report, conference call and slides can be found here.

What i liked:

  • less discussion on rearview mirror and more discussion of 3 year strategy and included 2 rate scenarios within the strategy
  • exiting the car loan business and rational reasons for doing so
  • talking about their employees and how the strategy evolution impacts them and what the company is doing about that

What i did not like:

  • no discussion of competition
  • analysts asking questions that focused on their ability to build a revised model rather than really digging into the strategy

Conclusion for me? …. somewhere between $18-19 i would consider adding more to my position … but will watch carefully for now

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